Babcock reveals regional regeneration plans
Image courtesy Babcock
The announcement comes as Babcock outlines its increasing influence across society as its impact, beyond the balance sheet from the Defence Dividend, is revealed. To further unlock potential and transform thousands of lives and businesses, as part of a wider economic and social blueprint across the UK, the company is planning to relocate employees from some of its Devonport support functions into a new capability centre in the centre of Plymouth to help boost collaboration, foster wider prosperity and support defence delivery.
The 2025 Strategic Defence Review defined a new Defence Dividend as an engine for growth and a partnership with industry that will create jobs, wealth and opportunity in every corner of the UK. Detailed in Babcock’s approach to delivering the Defence Dividend, the company outlines that it is:
- Investing in regeneration and prosperity through local partner initiatives, with £550 million invested in 3,800 UK Small to Medium sized Enterprises and a key supporter of regional investment zones
- Securing critical skills across defence and nuclear through its largest annual early careers intake of c.900 this year, developing vital nuclear skills through regional hubs, engaging 82,000 pupils through STEM activity (1 in 130 UK pupils) and plans to recruit 1,000 new Production Support Operatives – an award-winning employment initiative
- Delivering for people and communities through 105 full time equivalent Babcock volunteers, £1m + charitable donations, the UKs joint largest defence employer of veterans and the largest defence employer of military reservists (500 +) and the introduction of a free employee share scheme
Hot on the heels on the heels of company’s independent economic report which revealed that Babcock made a total contribution of £4.3 billion to UK GDP in FY2024; supporting 1 in every 550 jobs in the UK, the social value report complements the economic figures, capturing the powerful impact, often in areas of deprivation, that increased defence investment is having.
David Lockwood, CEO Babcock said: “The Defence Dividend is far reaching, strengthening the UK’s defence industrial base and fostering prosperity, collaboration and innovation in the communities we work in. Our ambitious blueprint for Plymouth is a model for regional regeneration and one we are committed to delivering.
“As a strategic partner to Government, for every pound spent on defence, our community of passionate people are delivering back and we value the things that matter to our customers, colleagues and communities.”
